Asos group sales rise nearly 20% during lockdown

Asos announced its group sales for the year rose 19% to £3.3bn from last year’s sales of £2.7bn.

The online fashion retailer saw its UK sales increase by 18% to £1.2bn compared with last £1.02bn last year.

Asos said its sales were driven by an additional 23 million customers who shopped at Asos over the summer lockdown period.

Profit before tax increased by £109m to £142.1m, a steep climb from £33.1m in 2019.

Asos said it had experienced initial challenges in securing stock from suppliers who were locked down and delayed freight which disrupted the supply chain.

Demand for occasion and formal-wear fell after the onset of coronavirus, although it saw strong growth in casual wear and lockdown-relevant product categories.

Nick Beighton, chief executive of Asos said: “As well as protecting staff, suppliers and customers, we’ve driven efficiency and have emerged a stronger, more resilient and agile business whilst delivering strong profit and cash generation.”

The fashion giant noted that it had experienced a “solid” start to its current financial year, but that it was remaining cautious in terms of consumer demands and changes.

Beighton added: “After a record first half which saw us make progress in addressing the performance issues of the previous financial year, the second half will always be defined by our response to Covid-19.

“Asos will continue to engage, respond and adapt as one of the few truly global leaders in online fashion retail.”